Category Archives: Stockbroker Discharged

Lance R. Armstrong- Former Raymond James Broker- Discloses Regulatory Event and Termination- Columbia, NJ

January 2020 – Columbia, NJ

The FINRA records of Lance Roman Armstrong  , a former stockbroker who was last employed by Raymond James Financial Services, Inc. disclose  a regulatory event resulting in his bar from the securities industry and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In November 2019, FINRA  permanently barred Armstrong as a result of his member firm filing a Form U5, disclosing that it had discharged hi after he solicited and accepted multiple loans from customers in connection with an undisclosed business activity.

Armstrong worked for Raymond James Financial Services  from April 2007 until February 2019 when he was discharged by them  as a result of allegations that he solicited and accepted multiple loans from customers in connection with an undisclosed outside business activity.” 

 Armstrong discloses business affiliations with First Hope Bank of Columbia, NJ and Coopcade Capital an accounting firm in Lafayette, NJ.

If you have questions about an account handled by Lance Roman Armstrong,  call for a no charge consultation with an experienced securities attorney .

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

John M. Marinaccio- Worden Capital Broker-Discloses Terminations-Ramsey, NJ

January 2020 – Ramsey, NJ

The FINRA records of John Michael Marinaccio , who is currently  employed by  Worden Capital Management disclose 2 terminations from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

Marinaccio worked for Laidlaw & Company from 12/ 2010 until 6/2017 when he voluntarily resigned from  Laidlaw & Company (UK)  as a result of allegations that a Regulation S-P Internal Review initiated based upon the firm learning that it’s former AML Compliance officer misappropriated non-public customer information.   A temporary restraining order completely preventing the use of any of the subject information by the formal AML CO and/or his new employer has been obtained.”

In 12/ 2017 Marinaccio was discharged by First Standard Financial Company where he had worked since 10/ 2017 . First Standard Financial made the following allegation on Marinaccio’s FINRA record :  “Firm received information concerning an alleged  Reg-S-P violation.  The internal review was commenced upon receipt of a letter from RR’s (Marinaccio’s) former employer alleging misuse of Reg S-P information…… Based upon an analysis and advise from counsel, we determined that the allegations were accurate and the IT vendor was instructed to scrub the system and delete the files. The firm terminated the RR after the conclusion of the investigation”  

Marinaccio was employed by Joseph Gunnar & Co.  from 6/ 2017 until 10/ 2017.  

If you have questions about an account  handled by John Marinaccio  call for a no charge consultation .

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

John Torres-FormerJP Morgan Broker- Discloses Pending Customer Disputes- Northridge, CA

January 2020 – Northridge, CA

According to publicly available records John Luis Torres (CRD#6322231) ,  a  former stockbroker discloses a regulatory event resulting in his bar from the industry , 2 pending customer disputes and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In January 2019, FINRA case #2018059605301 was initiated alleging Torres failed to respond to FINRA request for information.   In April 2019 FINRA permanently barred Torres from the securities industry.

In September 2018,  a customer of JP Morgan Chase Bank, an affiliate of JP Morgan Securities, alleged misrepresentations and aiding and abetting theft of its funds entrusted to a customer of affiliate bank and seeks damages of $1,603,200.

In 3/2019 a customer of J.P. Morgan Securities filed FINRA case 19-714 alleging that funds were misappropriated and is seeking damages of $860,000.

Torres was employed by JP Morgan Chase Bank from  April 2014 until August 2018,   when he was discharged after allegations that he opened an affiliate bank account for a customer after being directed not to do so by the affiliate bank’s global security department.

If you have questions about an investment account handled by John Torres contact us for a no charge consultation to learn about your legal options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Herbert “Elias” Hafen-Former Morgan Stanley Broker-Pleads Guilty to Fraud- New York, NY

November  2019- New York, NY

The FINRA records of  Herbert “Elias” Hafen ,  a  financial advisor previously employed by  Morgan Stanley, disclose a prior regulatory event,  a pending criminal matter, a pending civil matter, a prior customer dispute and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In 2/2019  Hafen failed to respond to FINRA request for information in connection with a FINRA investigation and was permanently barred from the securities industry.

In September 2019 Hafen pled guilty to investment adviser fraud. Sentencing is scheduled for January 2020.

The Securities and Exchange Commission filed a complaint against Hafen in 9/2019 alleging that from July 2011-April 2018 Hafen defrauded clients of the financial institutions he worked for at that time. VIctims were promised 6% interest in an investment that had little risk. In reality there was no investment and Hafen used the money for personal expenses. Of the $1.6 million he raised from victims only about $650,000 was returned.

In 5/2019, a Morgan Stanley Smith Barney customer was paid $430,000 to resolve allegations that Hafen  misappropriated funds.

In 8/2018 Hafen was discharged from Wells Fargo Clearing Services  after he admitted to entering into financial arrangements with clients that were not approved by the firm.

Hafen was registered with Wells Fargo Clearing Services  from March to September of 2018.  Prior to that he was employed by Morgan Stanley Smith Barney from 6/2009-4/2018.

If you have losses in an account  handled by Herbert “Elias” Hafen , contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870